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Appraisal Reviews by Tri-State AppraisalsAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Tri-State Appraisals, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is accomplished ensures independence and quality. Moreover, they should signify whether the appraisal or evaluation report is in line with the letter of engagement, which describes the extent of the appraisal assignment. Lastly, the Fed also goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Tri-State Appraisals, we're trained in every form of appraisal review, review procedure and the requirements of review appraisers.
In short, when you choose Tri-State Appraisals, you can trust our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings. |
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We understand what the most frequent reporting defects are, particularly in our real estate market. We also know what constitutes a quality appraisal.
In this regard, we're proficient enough to recognize that our competition in our market are capable of doing a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully study appraisal reports completed by others. And those others could be studying our work, too!